Termination - ISDA Give-Up provision: Difference between revisions
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Section {{prov|{{igu}}|4}}. '''{{prov|{{igu}}|Termination}}'''. This {{prov|{{igu}}|Agreement}} or any {{prov|{{igu}}|Designation Notice}} shall remain in effect [[unless and until]] terminated by {{prov|{{igu}}|Prime Broker}} or {{prov|{{igu}}|Dealer}}. Such termination notice shall be delivered in accordance with one of the methods specified in Section {{prov|{{igu}}|5(a)}} of this {{prov|{{igu}}|Agreement}}. Notwithstanding the provisions of Section {{prov|{{igu}}|5}} of this {{prov|{{igu}}|Agreement}}, such termination notice shall be effective in accordance with the period of time specified in Part {{prov|{{igu}}|5}} of the {{prov|{{igu}}|Schedule}}; provided, however, that no such termination shall be effective in respect of either: (a) an outstanding {{prov|{{igu}}|Accepted Transaction}}; or (b) a {{prov|{{igu}}|Counterparty Transaction}} that would not be a {{prov|{{igu}}|Problem Transaction}} and that was entered into prior to the effectiveness of such termination and as to which the {{prov|{{igu}}|Dealer Notice}} has been promptly sent to {{prov|{{igu}}|Prime Broker}}. This {{prov|{{igu}}|Agreement}} shall terminate immediately upon the occurrence of an {{isdaprov|Early Termination Date}} in respect of the [[ISDA Master Agreement]] between the parties if the parties have specified {{isdaprov|Automatic Early Termination}} as applying to either of the partiesNotwithstanding the provisions of Section {{prov|{{igu}}|5}} of this {{prov|{{igu}}|Agreement}}, such termination notice shall be effective in accordance with the period of time specified in Part {{prov|{{igu}}|5}} of the {{prov|{{igu}}|Schedule}}; provided, however, that no such termination shall be effective in respect of either: (a) an outstanding {{prov|{{igu}}|Accepted Transaction}}; or (b) a {{prov|{{igu}}|Counterparty Transaction}} that would not be a {{prov|{{igu}}|Problem Transaction}} and that was entered into prior to the effectiveness of such termination and as to which the {{prov|{{igu}}|Dealer Notice}} has been promptly sent to {{prov|{{igu}}|Prime Broker}}. This {{prov|{{igu}}|Agreement}} shall terminate immediately upon the occurrence of an {{isdaprov|Early Termination Date}} in respect of the [[ISDA Master Agreement]] between the parties if the parties have specified {{isdaprov|Automatic Early Termination}} as applying to either of the parties}} | Section {{prov|{{igu}}|4}}. '''{{prov|{{igu}}|Termination}}'''. This {{prov|{{igu}}|Agreement}} or any {{prov|{{igu}}|Designation Notice}} shall remain in effect [[unless and until]] terminated by {{prov|{{igu}}|Prime Broker}} or {{prov|{{igu}}|Dealer}}. Such termination notice shall be delivered in accordance with one of the methods specified in Section {{prov|{{igu}}|5(a)}} of this {{prov|{{igu}}|Agreement}}. Notwithstanding the provisions of Section {{prov|{{igu}}|5}} of this {{prov|{{igu}}|Agreement}}, such termination notice shall be effective in accordance with the period of time specified in Part {{prov|{{igu}}|5}} of the {{prov|{{igu}}|Schedule}}; provided, however, that no such termination shall be effective in respect of either: (a) an outstanding {{prov|{{igu}}|Accepted Transaction}}; or (b) a {{prov|{{igu}}|Counterparty Transaction}} that would not be a {{prov|{{igu}}|Problem Transaction}} and that was entered into prior to the effectiveness of such termination and as to which the {{prov|{{igu}}|Dealer Notice}} has been promptly sent to {{prov|{{igu}}|Prime Broker}}. This {{prov|{{igu}}|Agreement}} shall terminate immediately upon the occurrence of an {{isdaprov|Early Termination Date}} in respect of the [[ISDA Master Agreement]] between the parties if the parties have specified {{isdaprov|Automatic Early Termination}} as applying to either of the partiesNotwithstanding the provisions of Section {{prov|{{igu}}|5}} of this {{prov|{{igu}}|Agreement}}, such termination notice shall be effective in accordance with the period of time specified in Part {{prov|{{igu}}|5}} of the {{prov|{{igu}}|Schedule}}; provided, however, that no such termination shall be effective in respect of either: (a) an outstanding {{prov|{{igu}}|Accepted Transaction}}; or (b) a {{prov|{{igu}}|Counterparty Transaction}} that would not be a {{prov|{{igu}}|Problem Transaction}} and that was entered into prior to the effectiveness of such termination and as to which the {{prov|{{igu}}|Dealer Notice}} has been promptly sent to {{prov|{{igu}}|Prime Broker}}. This {{prov|{{igu}}|Agreement}} shall terminate immediately upon the occurrence of an {{isdaprov|Early Termination Date}} in respect of the [[ISDA Master Agreement]] between the parties if the parties have specified {{isdaprov|Automatic Early Termination}} as applying to either of the parties}} | ||
Of course, the above may sap your will to live. No fear, [[Amwell J]]'s un-patented, entirely unwarranted, cut-the-[[BS]] summary service is here for you: | |||
{{nuts|ISDA Give-Up|Termination}} | {{nuts|ISDA Give-Up|Termination}} | ||
Revision as of 14:50, 21 October 2016
Section 4. Termination. This Agreement or any Designation Notice shall remain in effect unless and until terminated by Prime Broker or Dealer. Such termination notice shall be delivered in accordance with one of the methods specified in Section 5(a) of this Agreement. Notwithstanding the provisions of Section 5 of this Agreement, such termination notice shall be effective in accordance with the period of time specified in Part 5 of the Schedule; provided, however, that no such termination shall be effective in respect of either: (a) an outstanding Accepted Transaction; or (b) a Counterparty Transaction that would not be a Problem Transaction and that was entered into prior to the effectiveness of such termination and as to which the Dealer Notice has been promptly sent to Prime Broker. This Agreement shall terminate immediately upon the occurrence of an Early Termination Date in respect of the ISDA Master Agreement between the parties if the parties have specified Automatic Early Termination as applying to either of the partiesNotwithstanding the provisions of Section 5 of this Agreement, such termination notice shall be effective in accordance with the period of time specified in Part 5 of the Schedule; provided, however, that no such termination shall be effective in respect of either: (a) an outstanding Accepted Transaction; or (b) a Counterparty Transaction that would not be a Problem Transaction and that was entered into prior to the effectiveness of such termination and as to which the Dealer Notice has been promptly sent to Prime Broker. This Agreement shall terminate immediately upon the occurrence of an Early Termination Date in respect of the ISDA Master Agreement between the parties if the parties have specified Automatic Early Termination as applying to either of the parties
Of course, the above may sap your will to live. No fear, Amwell J's un-patented, entirely unwarranted, cut-the-BS summary service is here for you:
Termination in a Nutshell™ (ISDA Give-Up edition)
Section 4 . Termination. This Agreement and any Designation Notice can be terminated by either the Prime Broker or the Dealer on notice delivered under Section 5(a).
Termination takes effect:
- On notice: at the end of the notice period, but termination will not affect:
- (a) an outstanding Accepted Transaction; or
- (b) a Counterparty Transaction that would not be a Problem Transaction and was entered into before termination and as to which the Dealer Notice has been promptly sent to Prime Broker.
- Immediately: immediately if there is an Early Termination Date where Automatic Early Termination applies to either party.